Singapore Airlines 2010 Annual Report Download - page 156

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SINGAPORE AIRLINES
154
notes to the financial statements
31 march 2010
22 Subsidiary Companies (in $ million)
The Company
31 March
2010 2009
Investment in subsidiary companies (at cost)
Quoted equity investments # ##
Unquoted equity investments 1,772.4 1,772.4
1,772.4 1,772.4
Accumulated impairment loss (16.6) (16.6)
1,755.8 1,755.8
Loan to a subsidiary company 50.0 25.0
1,805.8 1,780.8
Funds from subsidiary companies (1,166.7) (1,426.6)
Amounts owing to subsidiary companies (131.3) (171.2)
(1,298.0) (1,597.8)
Amounts owing by subsidiary companies 141.0 284.6
Market value of quoted equity investments 3,088.5 2,679.6
# The value is $1.
## The value is $2.
During the financial year:
1. SIAEC injected an additional $1.9 million in SIA Engineering Philippines (“SIAE(PH)”). There was no change in
SIAEC’s 65.0% equity stake in SIAE(PH).
2. SIAEC incorporated two special-purpose, wholly-owned subsidiary companies, NexGen Network (1) Holding Pte Ltd
(“NGN1”) and NexGen Network (2) Holding Pte Ltd (“NGN2”), to hold investment in the C-series and MRJ aircraft
engine programmes. SIAEC injected an initial investment of $3.8 million and $8.4 million in NGN1 and NGN2
respectively.
There are two unsecured loans to a subsidiary company, due for repayment in 2011 and 2014 respectively. Interests
on these loans are computed using SGD Swap-Offer Rates plus an agreed margin. The loans are denominated in SGD
and interest rates ranged from 1.84% to 4.01% (2008-09: 2.75% to 2.95%) per annum. Net carrying amount of the
loans approximate the fair value as interest rates implicit in the loans approximate market interest rate.